Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop Metro Vancouver Attached – February 6, 2013

Here are the 10 attached properties in Metro Vancouver (Vancouver West, Vancouver East, Burnaby, Richmond, North Vancouver and West Vancouver) that changed their price or were relisted under a new MLS number the previous week AND have dropped the largest percentage overall from their original asking price.

5 listings from Vancouver West, 2 from Richmond and Burnaby and one from North Vancouver


#10 ) Address:# 605 6068 NO 3 RD, Brighouse, Richmond

December 19, 2007 V681353 $636,000 $0 0%
February 16, 2008 V681353 $621,000 $-15,000 -2%
April 15, 2008 V681353 removed after 118 days
April 24, 2008 V703323 $575,000 $-61,000 -10%
June 11, 2008 V703323 $566,000 $-70,000 -11%
July 16, 2008 V703323 removed after 83 days
April 23, 2012 V944976 $588,000 $-48,000 -8%
July 19, 2012 V944976 removed after 87 days
July 22, 2012 V963320 $538,000 $-98,000 -15%
September 25, 2012 V963320 removed after 65 days
September 30, 2012 V974430 $515,000 $-121,000 -19%
December 17, 2012 V974430 removed after 78 days
February 03, 2013 V988625 $510,000 $-126,000 -20%

v988625_1

Current Days on Market: 291 (0.80years)
Current ‘Official’ Days on Market: 5
2012 Assessment: $555,000
2011 Assessment: $560,000
Desperation Score: 13.1

Prestigious “Paloma I”, in the heart of Richmond, just steps from Canada Line station, shopping, & restaurants. Spacious open plan 3 bdrm. 2 full bath, quiet SE facing suite overlooking roof gardens. Granite countertops, stainless steel appliances, quality finishings, air conditioning. Building has recreation facilities & concierge. Two parking spaces; storage locker. A great investment or a lovely home.


#9 ) Address:# 4703 1128 W GEORGIA ST, West End, Vancouver West

February 13, 2009 V752619 $2,800,000 $0 0%
May 01, 2009 V752619 removed after 77 days
May 16, 2009 V766680 $2,480,000 $-320,000 -11%
September 01, 2009 V766680 removed after 108 days
September 16, 2009 V787381 $2,480,000 $-320,000 -11%
September 28, 2009 V787381 removed after 12 days
December 11, 2009 V800656 $3,500,000 $0 0%
May 30, 2010 V800656 removed after 170 days
June 09, 2012 V955672 $2,998,000 $-502,000 -14%
January 01, 2013 V955672 removed after 206 days
February 01, 2013 V988192 $2,799,000 $-701,000 -20%

v988192_1

Current Days on Market: 244 (0.67years)
Current ‘Official’ Days on Market: 7
2012 Assessment: $2,648,000
2011 Assessment: $2,535,000
Desperation Score: 7.2

Sold in November 2009 for $2,300,000 leaving owner with a $366K profit (after all fees) if they get asking price.  Would love to try this “cappuccion coffee maker” – sounds fancy

Private Estate unit at “The Shangri-la Vancouver”, this NE corner residence offers luxury, elegance, spacious floor plan & unobstructed Sweeping views of Water, City & Mountains. This home also features an Italian-inspired Gourmet kitchen with Boffi Cabinets, Sub-Zero/Miele Appliances including custom built-in wine cooler & cappuccion coffee maker and Hansgrohe Axor-Philippe Starck fixtures in this over 2,400 sq ft of living space. Enjoy all the hotel’s 5 star Amenities & service including expansive health club, mult-media theatre, outdoor pool and hot tub and valet parking. Also Enjoy the convenience only being footsteps to Urban Fare, shops and Restaurants. 2 parking stalls/1 locker/1 storage room adjacent to its parking.


#8 ) Address:# 605 4160 SARDIS ST, Central Park, Burnaby

May 14, 2012 V949966 $338,000 $0 0%
August 23, 2012 V949966 removed after 101 days
September 13, 2012 V971053 $289,000 $-49,000 -14%
January 18, 2013 V971053 removed after 127 days
January 25, 2013 V987178 $265,000 $-73,000 -22%
February 03, 2013 V987178 $268,000 $-70,000 -21%

v987178_1

Current Days on Market: 270 (0.74years)
Current ‘Official’ Days on Market: 14
2012 Assessment: $224,000
Desperation Score: 14.7

“Open houses every Saturday 2-4 PM.” – I guess they got tired of updating the listing every week

Great location, close to skytrain, public transportation, Metrotown, Crystal Mall, lots of restaurants and shops. Unit is completely renovated, kitchen with new unused appliances, counter tops, laminate floors, brand new bathroom. Building envelope has been redone, new roof, new piping, new windows, glass sliding doors, intercom, new exterior paint all done in 2010. Amenities include pool, fitness center, tennis court, party room, sauna/hot top. Open houses every Saturday 2-4 PM.


#7 ) Address:# 103 9329 UNIVERSITY CR, Simon Fraser Univ., Burnaby

November 23, 2011 V920569 $475,000 $0 0%
January 26, 2012 V920569 removed after 64 days
February 05, 2012 V929808 $460,000 $-15,000 -3%
March 01, 2012 V929808 $450,000 $-25,000 -5%
April 03, 2012 V929808 $430,000 $-45,000 -9%
May 25, 2012 V929808 $419,000 $-56,000 -12%
August 02, 2012 V929808 $408,900 $-66,100 -14%
January 25, 2013 V929808 removed after 355 days
January 31, 2013 V988026 $375,000 $-100,000 -21%

v988026_1

Current Days on Market: 443 (1.21years)
Current ‘Official’ Days on Market: 8
2012 Assessment: $360,000
Desperation Score: 19.6

This condo has been listed for over a year and is still holding out for above assessment despite the latest more aggressive price drop

This beautiful 958 square foot 2 bedroom, 2 bathroom UniverCity condo features a highly functional floorplan with separated bedrooms, kitchen & breakfast nook, a large open concept living/dining area and a huge outdoor terrace. The building has various amenities, including a large Recreation Room and ample Bike Room space. In addition there is 1 parking stall and 1 storage locker included! UniverCity is a quiet and serene community with growing family amenities. Live just steps to nature paths, 20 minutes to downtown, 5 minutes to Campus and a 1 block walk to the new University Highlands Elementary School. OPEN HOUSE: Saturday, Feb 2nd 2-4pm


#6 ) Address:# 407 1500 OSTLER CT, Indian River, North Vancouver

November 24, 2011 V920651 $799,000 $0 0%
December 14, 2011 V920651 removed after 20 days
March 22, 2012 V938533 $777,000 $-22,000 -3%
June 06, 2012 V938533 $750,000 $-49,000 -6%
June 07, 2012 V938533 removed after 77 days
June 11, 2012 V955740 $738,900 $-60,100 -8%
July 14, 2012 V955740 $708,900 $-90,100 -11%
September 01, 2012 V955740 $678,900 $-120,100 -15%
October 18, 2012 V955740 $663,900 $-135,100 -17%
December 06, 2012 V955740 $649,000 $-150,000 -19%
February 03, 2013 V955740 $622,900 $-176,100 -22%

v955740_1

Current Days on Market: 442 (1.21years)
Current ‘Official’ Days on Market: 242
2012 Assessment: $620,500
Desperation Score: 31.0

This “Rare” offering has been listed for over a year and the vendor is paying $95K for a special assessment

Rare offering in North Vancouver. Incredible 3 bedroom & 3 bathroom, concrete luxury suite of approx. 2,610 sq/ft all on 1 level. Spacious & open floor plan. Lovely living/dining room space, perfect for entertaining.Bright open kitchen & informal eating area that steps out to an over-sized 360sq/ft patio terrace facing park like greenbelt. Exclusive 66 unit development in the heart of Indian River residential neighbourhood. Minutes to Deep Cove, Mt Seymour, Northlands golf course, Parkgate shopping centre & Dorothy Lynas French immersion elementary school. You will not find a nicer location or complex that is a house sized, high quality one level apartment. B uilding envelope and painting assessment of $95,000 is approved & will be paid for by the Vendor.


#5 ) Address:# 1 8111 SAUNDERS RD, Saunders, Richmond

March 02, 2012 V934584 $529,900 $0 0%
April 11, 2012 V934584 $509,900 $-20,000 -4%
May 16, 2012 V934584 $488,000 $-41,900 -8%
June 06, 2012 V934584 $449,000 $-80,900 -15%
August 01, 2012 V934584 removed after 152 days
August 18, 2012 V966948 $446,800 $-83,100 -16%
October 02, 2012 V966948 $433,500 $-96,400 -18%
January 31, 2013 V966948 $410,000 $-119,900 -23%

v966948_1

Current Days on Market: 343 (0.94years)
Current ‘Official’ Days on Market: 174
2012 Assessment: $429,300
2011 Assessment: $488,000
Desperation Score: 27.6

A 13% drop in assessment this past year in this “private ADULT complex NO CHILDEN UNDER THE AGE OF 16 YEARS”

Ready to downsize & travel worry free? Then make Osterley Park your home. A private ADULT complex NO CHILDEN UNDER THE AGE OF 16 YEARS, it boasts over 11 acres of meticulously cared for gardens. This end unit is just steps from the recreation facilities (indoor pool, sauna, hot-tub, exercise & party room plus workshop). All rooms are generous, easily accommodating house-sized furniture – no leaving your treasured pieces behind! Enjoy the very large & private, south-facing, fenced yard & patio complete with retractable awning. Includes outdoor storage & generous attic space easy to convert to office/den/craft room. Well designed floor plan allows for changes to suit your lifestyle. Bring your renovation and decorating ideas! Close to shopping & transportation.


#4 ) Address:# 402 8775 CARTIER ST, Marpole, Vancouver West

May 18, 2012 V950887 $299,900 $0 0%
July 17, 2012 V950887 $268,000 $-31,900 -11%
August 24, 2012 V950887 $229,000 $-70,900 -24%
September 06, 2012 V950887 $249,000 $-50,900 -17%
November 01, 2012 V950887 removed after 167 days
February 06, 2013 V988964 $229,000 $-70,900 -24%

v988964_1

Current Days on Market: 266 (0.73years)
Current ‘Official’ Days on Market: 2
2012 Assessment: $293,700
2011 Assessment: $291,400
Desperation Score: 24.3

” perfect pied-a-terre or plain simple “the good life”” – wow, what can you say about that

This is a fantastic opportunity to live in quiet, affordable Marpole area overlooking a lovely park & centrally located to shopping & transport. Truly charming one owner top floor suite with super efficient floor plan, skylight in bath, extra windows (corner suite), gas fireplace, enclosed balcony for all year round enjoyment. Super clean & lovingly improved all over the years w/ cork flooring, paint, fixtures, new stove etc… This is ideal for a young couple starting out, perfect pied-a-terre or plain simple “the good life”. Excellent complex – maintenance includes heat & hot water etc. Best Price EVER!


#3 ) Address:# 2702 1239 W GEORGIA ST, Coal Harbour, Vancouver West

January 16, 2008 V683513 $560,000 $0 0%
March 04, 2008 V683513 removed after 48 days
February 29, 2012 V934107 $629,800 $0 0%
March 27, 2012 V934107 $599,900 $-29,900 -5%
June 06, 2012 V934107 $598,800 $-31,000 -5%
October 16, 2012 V934107 removed after 230 days
October 18, 2012 V977076 $579,000 $-50,800 -8%
October 26, 2012 V977076 $559,000 $-70,800 -11%
November 15, 2012 V977076 $529,000 $-100,800 -16%
January 05, 2013 V977076 $499,900 $-129,900 -21%
January 31, 2013 V977076 $479,900 $-149,900 -24%

v977076_1

Current Days on Market: 345 (0.95years)
Current ‘Official’ Days on Market: 113
2012 Assessment: $577,000
2011 Assessment: $556,000
Desperation Score: 34.0

Sold in April 2008 for $570,000 leaving owner with a $123K loss (after all fees) if they get asking price.

The Venus in Coal Harbour. One of the best floor plans encompasses 2 spacious bedrooms on opposite sides of the living area, the master with a walk through closet and full ensuite, a second 3 piece bath with in suite laundry, a sleek double sided fireplace, the kitchen flows through to the living & dining room and provides an eating area & balcony. Enjoy your resort style living with a 24-hour concierge, exercise facility, swimming pool, ballroom, party room, media room, business centre, guest suites, and plenty of green space and landscapingThis Coal Harbour condo is ideally positioned to enjoy the proximity to Stanley Park, English Bay, Skytrain, Robson Street cafes, restaurants & shopping.


#2 ) Address:# 2504 838 W HASTINGS ST, Downtown, Vancouver West

July 31, 2011 V902928 $638,000 $0 0%
August 03, 2011 V902928 removed after 3 days
August 07, 2011 V903824 $578,000 $-60,000 -9%
August 12, 2011 V903824 $558,000 $-80,000 -13%
September 21, 2011 V903824 $538,000 $-100,000 -16%
October 11, 2011 V903824 removed after 65 days
November 01, 2012 V978774 $519,000 $-119,000 -19%
November 29, 2012 V978774 $508,000 $-130,000 -20%
December 10, 2012 V978774 $495,000 $-143,000 -22%
January 27, 2013 V978774 removed after 87 days
January 31, 2013 V988009 $485,000 $-153,000 -24%

v988009_1

Current Days on Market: 99 (0.27years)
Current ‘Official’ Days on Market: 8
2012 Assessment: $506,000
2011 Assessment: $532,000
Desperation Score: 20.8

In the heart of downtown & business area, steps to restaurants, seawall, Coal Harbour is a Stunning 1 bdrm suite at Jameson House, 25th flr with city views facing southwest. Beautifully finished with travertine tiles & wool carpet in bdrm, Dada kitchen, radiant heat and air conditioned.


#1 ) Address:# 2402 717 JERVIS ST, West End, Vancouver West

April 15, 2010 V821962 $1,449,000 $0 0%
May 06, 2010 V821962 removed after 21 days
May 13, 2010 V829506 $1,200,000 $-249,000 -17%
June 16, 2010 V829506 $1,099,000 $-350,000 -24%
June 24, 2010 V829506 removed after 42 days
June 26, 2010 V839206 $858,800 $-590,200 -41%
July 27, 2010 V839206 removed after 31 days
July 29, 2010 V843798 $599,000 $-850,000 -59%
August 23, 2010 V843798 removed after 25 days
September 08, 2012 V969779 $1,058,000 $-391,000 -27%
October 16, 2012 V969779 removed after 38 days
October 19, 2012 V977199 $999,000 $-450,000 -31%
December 27, 2012 V977199 removed after 69 days
February 01, 2013 V988291 $999,000 $-450,000 -31%

v988291_1

Current Days on Market: 153 (0.42years)
Current ‘Official’ Days on Market: 7
2012 Assessment: $875,000
2011 Assessment: $887,000
Desperation Score: 11.0

Sold in October 2010 for $691,900 leaving owner with a $256K profit (after all fees) if they get asking price.  Note that this unit was completely renovated after the purchase in 2010.

There must be some sort of story here – the place dropped from $1.45M to $599K in a couple of months in 2010.  Possible a foreclosure which would also explain why it sold for almost $100K over the last asking price.  Wouldn’t it be ironic if this property likely bought in a foreclosure ended up in foreclosure again?

RARE! Completely renovated condo with 3 BEDROOMS, 2 bathrooms, a solarium and open balcony in the heart of the city with beautiful views of the water, mountains and city skyline. With 1,469 sq ft, renovated to the highest standard with permits, you have ample room to raise your family or spread yourself out in a modern open plan layout. Bosch, Kohler, granite, solid wide plank bamboo flooring, crown mouldings, LG front loading washer/dryer in a walk-in laundry rm with basin, 2 parking stalls and separate storage locker are some of the great features of this unit. Pro-active strata has taken care of all required updates incl pipes. Spa-like amenities incl indoor pool, exercise room, sauna and hot tub. A joy to show.

13 responses to “The Weekly Drop Metro Vancouver Attached – February 6, 2013

  1. Nathan Roeters February 8, 2013 at 9:46 am

    That Marpole apartment would rent for $900 at most. Mortgage with 10% down plus closing and strata would put you around $1400 a month O_o not a good life.

  2. Anon February 8, 2013 at 12:17 pm

    How about a top ten list for longest continually listed properties? And the opposite, shortest listed in the last couple of months. Thanks.

  3. punnoval February 8, 2013 at 7:23 pm

    Re: #14
    Most of the information is interesting, but a bit stale. Who was the deceased and did the lender get convicted of cocaine dealing?

  4. Ray February 9, 2013 at 6:54 pm

    The only RARE thing about #6 is the $652/month strata fee. Forever.

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